Bragg Gaming appoints Luka Pataky as EVP of AI and innovation

TORONTO - Bragg Gaming Group (NASDAQ:BRAG; TSX:BRAG), a ~$109 million market cap iGaming technology company that has seen its shares surge nearly 26% over the past six months, announced Tuesday the appointment of Luka Pataky as Executive Vice President of AI and Innovation as part of its strategy to enhance its iGaming operations through artificial intelligence.

In his new role, Pataky will develop a comprehensive AI strategy across the company’s operations, integrating artificial intelligence into product development, user experience, safer gambling initiatives, and internal processes.

Pataky joins Bragg with over a decade of experience at Sportradar, where he most recently served as Senior Vice President for Automated Content. At Sportradar, he led a team that developed systems powering over 300,000 sports events annually and was involved in integrating acquired technology businesses.

"Luka Pataky is the ideal hire for Bragg, as we look to supercharge our AI and innovation ambitions," said Matevž Mazij, Chief Executive Officer at Bragg. "His extensive experience of being at the forefront of this gamechanging technology and innovation will help springboard Bragg into the next iteration of our growth."

Bragg has previously implemented AI technology in its operations, including an AI-powered Games Recommendation System in its Fuze marketing toolset and in responsible gambling initiatives to identify at-risk players. The company maintains strong operational efficiency with a gross profit margin of 54% and has achieved nearly 10% revenue growth over the last twelve months, according to InvestingPro data.

"Bragg has always struck me as a company where technology and innovation are key drivers," said Pataky. "I am looking forward to playing a role in accelerating Bragg’s journey to becoming an AI-first company."

Bragg Gaming Group provides iGaming content and platform technology solutions to online and land-based gaming operators, with operations in over 30 regulated markets globally.

This article is based on a press release statement from Bragg Gaming Group.

In other recent news, Bragg Gaming Group reported a revenue of €25.5 million for the first quarter, reflecting a 7.1% increase year-over-year, along with an Adjusted EBITDA of €4.1 million, a 19.7% rise from the previous year. This financial performance was marked by a substantial growth in proprietary content, which surged 62% year-over-year and contributed significantly to the company’s gross margin expansion. Bragg Gaming has also secured a new $6 million credit facility to support its growth initiatives and general corporate purposes. The company plans to repay an outstanding $2 million promissory note to access this facility, which offers more favorable terms.

Additionally, Bragg Gaming has entered into an agreement with Hard Rock Digital to develop exclusive online casino games for Hard Rock Bet Casino, initially launching in New Jersey. This partnership is expected to bolster Bragg’s expansion in the U.S. market. Shareholders recently elected all nominated directors to the company’s board and reappointed MNP LLP as auditors. Analysts from Benchmark have maintained a Buy rating with a $6.00 price target, citing the company’s strategic focus on proprietary content and U.S. market expansion as key growth drivers. Meanwhile, JMP analysts reiterated a Market Outperform rating, also with a $6.00 price target, highlighting a perceived undervaluation of Bragg Gaming’s stock compared to industry standards.

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